CAIXA GERAL DE DEPÓSITOS
CONSOLIDATED OPERATIONS
at 31 December 2014
Unaudited accounts
2
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
2013
CGD
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
Index
1 – Highlights ..........................................................................................................4
2 – Main Indicators .................................................................................................7
3 – Economic and Financial Outlook ......................................................................9
Global .................................................................................................9
Europe ................................................................................................9
Portugal ............................................................................................10
4 – Strategy and Structure of CGD Group: Evolution in 2014 ..............................11
5 – Results, Balance Sheet, Liquidity and Solvency ............................................12
Results .............................................................................................12
Balance Sheet ..................................................................................14
Liquidity ............................................................................................15
Solvency ...........................................................................................16
6 – Operating Segments .......................................................................................17
Commercial Banking ........................................................................17
International Activity .........................................................................23
Investment Banking..........................................................................25
7 – Rating .............................................................................................................28
8 – Pension Fund..................................................................................................29
9 – Investment in the Future .................................................................................30
10 – Prizes and Distinctions .................................................................................31
11 - Consolidated Balance Sheet .........................................................................32
12 – Consolidated Income Statement ..................................................................33
This document is an English translation of the original Portuguese language document “Atividade Consolidada da Caixa
Geral de Depósitos em 31 de dezembro de 2014”. The Portuguese original prevails in the event of any inconsistency.
INDEX
3
4
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013
Caixa Geral de Depósitos (CGD)’s negative net income of €348 million, in 2014, comprised a year-onyear improvement of around 40% in its profitability (negative net income of €578.9 million in 2013). This
improvement occurred in a context of increased liquidity and favourable shareholders’ equity levels.
Gross operating income was up by around 32% to €410.8 million. Reference should be made to the
contributions from international operations and investment banking which were up 59% and 40.1%,
respectively.
CGD successfully disposed of 80% of its insurance operation, in 2014, taking another important step
forwards in respect of its banking activity concentration strategy. This operation met all of the
requirements for 2014 as set out in the Economic and Financial Assistance Plan and the provisions of
the Restructuring Plan agreed by the Portuguese state and European competition authorities. The
disposal resulted in a 0.74 pp (phased in) and 2.33 pp (fully implemented) growth of CET 1.
CGD successfully completed the European Central Bank’s (ECB) Comprehensive Assessment in
October. The result of this comprehensive valuation confirms the resilience of CGD’s balance sheet to
highly stringent asset valuation criteria, in addition to the effects of a hypothetical scenario of a new
sovereign debt crisis.
CGD returned to the covered bonds market, in 2015, with a 7 year issuance for the amount of €1 billion
and a spread of 64 bp on the mid-swaps rate (coupon rate of 1%). This operation follows two covered
bonds issuances (January 2014 and January 2013) for the amount of €750 million and a maturity of 5
years, with respective spreads of 188 bp and 285 pp over the mid-swaps rate.
1 – Highlights
Results at 31 December 2014
(1)
1. CGD’s negative net income of €348 million, in 2014, comprised a year-on-year
improvement of around 40% in its profitability (negative net income of €578.9
million in 2013). This improvement occurred in a context of increased liquidity
and favourable shareholders’ equity levels.
2. Gross operating income was up by around 32% to €410.8 million. Reference
should be made to the contributions from international operations and investment
banking which were up 59% and 40.1%, respectively.
3. The improved profitability was, however, negatively affected, in the second and
third quarters by the recognition of impairment costs on the exposure to Espírito
Santo Group (GES) and, in the last quarter, by the additional provisioning
endeavours following the AQR as well as the net impact of the cancellation of
deferred taxes deriving from the reduction of the IRC rate (€85 million).
In spite of the above referred to significant additional provisioning endeavours,
provisions and impairment costs were down 15.6% in 2014 against the preceding
year to €949.6 million.
1 2013 values have been restated as the associated company IMOBCI (Mozambique) was reclassified as a subsidiary and
integrated by the full integration method, following the implementation of IFRS 10; and the amounts reflect the application of
IFRS 10 which implies a change to the preceding year’s net income owing to the inclusion of two SPVs in the consolidation
perimeter.
HIGHLIGHTS
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
The cost of credit risk was 1.18% in 2014, against 1.06% in 2013 and below the
maximum of 1.24% observed in 2012.
Credit more than 90 days overdue coverage was up from 99.9% to 102.3% in
December 2013 and 2014, respectively.
4. There was a positive evolution of net interest income across the year as a whole,
with 2014 ending with growth of 15.7%. Net interest income, including income
from equity instruments, also continued to trend to improvement (up 12.4%), in
spite of the 28.2% reduction of income from equity instruments.
The behaviour of this margin, however, reflects the impact of the behaviour of
financial markets and narrowing credit spreads on economic activity in a
framework of an improvement in the perception of the risk attached to the
Portuguese economy.
5. Commissions (net) were slightly up over the preceding year by 0.3% to €515
million.
6. The performance of income from financial operations continued to be favourable
at €201.7 million, as a result of asset portfolio trading and management
operations, in a context of appreciation, particularly in respect of the Portuguese
public debt component.
7. There was a year-on-year positive change of 1.4% in net operating income to
€1,738.4 million.
8. In line with the operational rationalisation policy and efficiency improvements
being made by the Group, operating costs continued to trend downwards by
5.4% in comparison to the preceding year. This was particularly the case of the
fresh reduction of 8% in employee costs.
9. The cost-to-income indicator declined to 75.5%, against the preceding year’s
81.6%, reflecting both cost reductions and an improvement of net operating
income.
10. Loans and advances to customers were down, year-on-year by 4.5% and 3.3%,
respectively in net and gross terms to €66,864 million and €72,094 million. This
was not an across-the-board decrease in the different sectors of activity but
reflected a significant reduction of credit to the state’s business sector following
a strong flow of early repayments (around €900 million), owing to greater
dynamism in credit flows to non-financial private corporations, excluding
construction and real estate activities. New mortgage loans were up 16.4%.
11. CGD’s market share of corporate loans was 17.8% in November.
12. Customer resources were up 4.9% by €3,291 million year-on-year to a balance
of €71,134 million.
13. CGD increased its lead of the customer deposits’ segment from 27.6% at the end
of 2013 to 28.6% in November 2014, particularly its 32.4% market share of the
individual customers’ segment in November.
14. International operations made an expressive contribution of €334.3 million (up
59%) to the Group’s gross operating income.
HIGHLIGHTS
5
6
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013
Reference should be made to the good performance of the operations in Spain,
in which BCG made a profit of €20.1 million against losses of €57.3 million in
2013, as a reflection of the success of the restructuring programme in progress
in the referred to unit.
This was accompanied by a visible reduction of the losses made by the CGD
branch in Spain from €113.9 million in December 2013 to €66.1 million at the end
of 2014.
The operations in Asia and Africa continue to make a highly positive contribution
to consolidated profitability with €46.0 million and €44.8 million, respectively.
In spite of the good performance of most Group operations, higher provisioning
levels on the Group’s international platform owing to the exposure to GES
prevented this segment from posting a positive contribution to consolidated net
income in 2014 (negative contribution of €2.8 million).
15. ECB financing continued to trend sharply downwards to €3,110 million in
consolidated terms at the end of December against €6,335 million at the end of
2013.
16. CGD’s comfortable liquidity situation enabled it to make an early repayment of
its state-backed debt insurance for a total amount of €3.6 billion.
17. In January 2014, as in the preceding year, CGD returned to the covered bonds
market with a new 5 year issuance for the amount of €750 million and a spread
of 188 bp on the mid-swaps rate, representing a reduction of around 100 bp in
comparison to the level of the bond issuances of 2013, confirming the perception
of the growing credibility of its credit in the market.
In 2015, CGD made a fresh issuance of covered bonds – for a higher amount of
€1 billion and a longer maturity of 7 years than in the past – with a coupon rate
of 1%. This was the lowest rate ever recorded for bonds issued by Portuguese
entities with such a maturity.
18. CGD successfully completed the ECB's Comprehensive Assessment in
collaboration with the competent national authorities whose results were
announced on 26 October 2014. The CET1 ratio projection (transitory
dispositions) in 2016 is 9.40% for the baseline scenario and 6.09% for the
adverse scenario, i.e. in both cases higher than the minimum thresholds of 8%
for the base and 5.5% for the adverse scenario established for the operation.
The AQR assessment resulted in an impact of 44 bp in terms of CGD’s CET 1
ratio.
The result of the assessment indicates CGD's resilience in both scenarios.
19. The Common Equity Tier 1 (CET 1) ratios, calculated in accordance with CRD
IV / CRR “phased-in” and “fully implemented” rules, were 10.8% and 9.7%,
respectively. Considering its inclusion in the Special Regime applicable to
Deferred Tax Assets, the referred to ratios would be 10.9% and 10.0%,
respectively.
HIGHLIGHTS
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
7
2 – Main Indicators (*)
(EUR million)
Change
RESULTS
2013-12
2014-12
Total
(%)
Net interest income
854.8
988.7
133.9
15.7%
Net inter. income incl. inc. from equity investm.
923.8
1.038.3
114.5
12.4%
Commissions (net)
513.5
515.0
1.5
0.3%
Non-interest income
791.0
700.1
-90.9
-11.5%
Net operating income from banking
1.714.9
1.738.4
23.6
1.4%
Operating costs
1.403.2
1.327.7
-75.5
-5.4%
311.7
410.8
99.1
31.8%
Income before tax and non-controlling interests
-673.2
-233.5
439.7
-
Net income
-578.9
-348.0
230.8
-
113.495
100.152
-13.343
-11.8%
4.357
5.130
773
17.7%
Securities invest. (incl. assets w/ rep. agreem.)
19.035
19.562
527
2.8%
Loans and advances to customers (net)
70.018
66.864
-3.154
-4.5%
Loans and advances to customers (gross)
74.530
72.094
-2.436
-3.3%
9.735
6.002
-3.733
-38.3%
67.843
71.134
3.291
4.9%
Debt securities
8.791
7.174
-1.617
-18.4%
Shareholders' equity
6.676
6.493
-183
-2.7%
94.126
100.086
5.960
6.3%
Gross return on equity - ROE (1) (2)
-9.4%
-3.2%
Net return on equity - ROE
-7.2%
-3.6%
-0.6%
-0.2%
-0.5%
-0.3%
81.6%
75.5%
46.1%
41.5%
1.2%
1.3%
1.5%
1.7%
Gross operating income
BALANCE SHEET
Net assets
Cash and loans and advances to credit instit.
Central banks' and credit institutions' resources
Customer resources
RESOURCES TAKEN FROM CUSTOMERS
PROFIT AND EFFICIENCY RATIOS
(1)
Gross return on assets - ROA
Net return on assets - ROA
Cost-to-income
(1) (2)
(1)
(2)
Employee costs / Net operating income
(2)
Operating costs / Average net assets
Net operating income / Average net assets
(2)
(1) Considering average shareholders' equity and net assets values (13 observations).
(2) Ratios defined by the Bank of Portugal (Instruction no. 23/2012).
(*) 2013 values have been restated as the associated company IMOBCI (Mozambique) was reclassified as a subsidiary and integrated by the full
integration method, following the implementation of IFRS 10; and the amounts reflect the application of IFRS 10 which implies a change to the preceding
year’s net income owing to the inclusion of two SPVs in the consolidation perimeter.
MAIN INDICATORS
8
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013
(%)
CREDIT QUALITY AND COVER LEVELS
2013-12
2014-12
Overdue credit / Total credit
6.7%
7.7%
Credit more than 90 days overdue / Total credit
6.1%
7.1%
Non-performing credit / Total credit
7.5%
8.9%
(2)
Non-performing credit (net) / Total credit (net)
1.6%
1.8%
11.3%
12.2%
5.6%
5.3%
8.0%
10.6%
4.8%
6.3%
Overdue credit coverage
91.0%
94.3%
Credit more than 90 days overdue coverage
99.9%
102.3%
Crd. Imp. (P&L) / Loans & adv. custom. (aver.)
1.06%
1.18%
61.7%
66.8%
103.5%
94.5%
Credit at risk / Total credit
(2)
(2)
Credit at risk (net) / Total credit (net)
(2)
Restructured credit / Total credit (3)
Restr. crd. not incl. in crd. at risk / Total crd.
(3)
STRUCTURE RATIOS
Loans & adv. customers (net) / Net assets
Loans & adv. custom. (net) / Custom. dep.
(2)
SOLVENCY RATIOS (CRD IV/CRR) (4)
Common equity tier 1
(01/JA N/2014)
10.9%
10.8%
Tier 1 (phased-in)
10.9%
10.8%
Total
12.4%
12.6%
7.6%
9.7%
-
10.9%
-
12.8%
-
10.0%
(phased-in)
(phased-in)
Common equity tier 1
(fully implemented)
Considering DTA:
Common equity tier 1
Total
(phased-in)
(phased-in)
Common equity tier 1
(fully implemented)
(2) Ratios defined by the Bank of Portugal (Instruction no. 23/2012).
(3) Ratios defined by the Bank of Portugal (Instruction no. 32/2013).
(4) Solvency ratios include results for the period.
MAIN INDICATORS
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
9
3 – Economic and Financial Outlook
Global
In 2014, the world economy is likely to have grown at an identical rate to that of the preceding
year (3.3%), according to the January interim estimates published by the International
Monetary fund (IMF). The IMF also indicated that although countries in the developed bloc
will have achieved a 0.5 pp acceleration in activity rates, they remain, however, very low
(1.3% in 2013 and 1.8% in 2014); There was a cooling off of activity in the emerging and
developing blocs from 4,7% in 2013 to 4,4% in 2014.
There was, once again, a lack of homogeneity in the evolution of growth across the main
regions and economies. Whereas, for example, improvements gained pace in the US and
the United Kingdom over the course of 2014, particularly driven by domestic demand, the
rate of activity in the euro area, although the economy returned to growth following two years
of contraction, remained modest.
Reference should be made to US economic performance which achieved its highest growth
rates of the last decade, with a visible acceleration of economic activity, following the
negative impact of the bad weather felt at the start of the year.
The world economy
continues its
moderate,
heterogeneous
growth, with very
slow growth being
recorded in the
developed countries
Upturn, however,
more intense in US
and UK
Pursuant to the above, the Fed, as planned, ended its quantitative easing programme in
October.
On the negative side reference should be made to the continuing trend towards the cooling
off of the emerging and developing economies, namely as the result of geopolitical issues,
in addition to the continuation of structural weaknesses, together with the impact of the
evolution of commodity prices.
As a consequence of low economic growth, still high unemployment rates and lower
commodity prices, inflation, across a large number of developed economies, remained very
low and was also down in diverse emerging economies.
Fed ends its
quantitative easing
programme
Inflation generally at
very low thresholds
Europe
According to the European Commission’s October estimates, activity in the euro area grew
at an annual rate of 0.8%, primarily on account of the contribution made by domestic
demand. Positive growth rates were achieved across the main member states, with the
exception of Italy. Performance was also positive across the southern European economies,
which returned to growth. Special reference should be made to growth in Ireland and, to a
lesser extent, Spain.
There was a slight improvement in the region’s unemployment rate, in 2014, following two
consecutive years of increase. The average rate of unemployment up to November, was
11.6%, down 0.4 percentage points over 2013.
Price evolution in the euro area fuelled fears of an extended period of very low inflation or
even deflation. The Harmonised Index of Consumer Prices (HICP), recorded an average
change of 0.4%, one percentage point down on 2013 and only higher than the value noted
in 2009, when the referred to average rate was 0.3%.
ECONOMIC AND FINANCIAL OUTLOOK
Domestic demand
contributes to euro
area growth
Better performance
of southern
European economies
Fears of deflation
spread across
Europe
10
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013
New monetary policy
options to promote
growth
Across-the-board
narrowing of
sovereign yields
ECB’s actions have
a decisive effect on
the behaviour of
interest rates and
markets
GDP in Portugal
departs from its
negative trend of the
last 4 years
Positive contribution
from domestic
demand
Fall in
unemployment rate
Continuation along
path to fiscal
consolidation
To incentivise economic growth and taking into account increasing concerns over inflation
levels, the main central banks strengthened their monetary stimulus measures, both by
increasing liquidity, and, whenever possible, by reducing their key reference rates.
The European Central Bank (ECB) was particularly active during the year. Economic
evolution in general led to two resolutions (June and September) to reduce key reference
rates, in which the deposit rate moved into negative territory for the first time in history. It
also announced new LTROs (long term refinancing operations) with the aim of incentivising
the supply of bank credit to non-financial corporations and households as well as two
programmes for the purchase of secondary market debt securities, namely ABS and covered
bonds.
The yields on public debt, in 2014, were down once again, at an even sharper rate than in
the preceding year, to new minimums since the inception of Monetary and Economic Union.
This was also the case in Portugal.
The ECB once again played a decisive role in respect of Euribor rates which fell to new
minimums during the year with the 1 and 2 week maturities closing at negative levels.
Portugal
According to the Bank of Portugal’s projections in the December 2014 issue of its Economic
Bulletin, the Portuguese economy returned to positive growth, in 2014, for the first time in
four years. This positive evolution derived from the behaviour of domestic demand, given
that, as opposed to the recent past, foreign trade’s contribution to GDP was negative, in
2014, with imports being higher than exports.
In the labour market, the unemployment rate was down over the first three quarters of 2014
to a 4 year low, at 13.1%. A total of 688,900 workers were unemployed, down 16% quarteron-quarter 2013.
On the budget front, endeavours continue to be made to reduce the deficit which is estimated
to be less than the target defined by the government. A particularly important contribution
was made by the higher than expected growth of tax revenues, in 2014, accompanied by a
drop of public expenditure.
As across most Eurozone countries, the Portuguese HICP was visibly down, in 2014, to an
average rate of -0.3%, as opposed to 0.3% in 2013.
Inflation in negative
terrain
Portugal successfully exited its Economic and Financial Assistance Programme in May
without the need for any precautionary measures.
End of Economic
and Financial
Assistance
Programme
The main equity indices achieved gains, in 2014, albeit less than in 2013. Gains on the
European and US markets were 4.4% and 11.4%, respectively. In Portugal, after achieving
gains of 18% by the start of April, the PSI20 fell 26.8%. This was one of the worst results
worldwide, with only the Russian and Greek markets turning in lower levels. The Morgan
Stanley index for emerging markets, down 4.6%, in 2014, was very similar to the preceding
year’s decline of 5.0%.
The more positive evolution of the US economy and the Fed’s ending of its quantitative
easing programme, in 2014, led to the dollar’s appreciation against the major currencies.
The ECB’s adoption of new expansionary measures also led to a 10% depreciation of the
euro against the US currency.
ECONOMIC AND FINANCIAL OUTLOOK
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
11
4 – Strategy and Structure of CGD
Group: Evolution in 2014
CGD completed an important stage of its strategy, in 2014, tightening its focus as a
commercial retail bank at the service of Portuguese households and companies, completing
the disposal of its non-banking financial investments, as provided for in the Economic and
Financial Assistance Programme included in the Restructuring Plan.
Reference should be made to the following developments in CGD Group’s structure, in 2014:

On 30 April, in the sphere of the reorganisation of the Group’s equity stakes in Cape
Verde, CGD, Banco Interatlântico (BI) and Banco Comercial do Atlântico (BCA) sold
their respective equity stakes of 41.55%, 4.35% and 10% in the share capital of
Garantia – Companhia de Seguros de Cabo Verde to Fidelidade - Companhia de
Seguros. CGD and BI therefore ceased to have any equity stake in Garantia and
BCA reduced its stake in the insurance company to 25%. At the same time, on 7
May, CGD purchased an equity stake of 6.76% in BCA from Garantia, increasing its
direct equity stake in the bank to 54.41%;

On 15 May, Caixa Seguros e Saúde, S.G.P.S. sold 80% of the share capital of
Fidelidade - Companhia de Seguros, Cares - Companhia de Seguros and Multicare
- Seguros de Saúde to the Chinese group Fosun, in the sphere of the privatisation
of CGD’s insurance group. As provided for in Fidelidade’s sales agreement, Caixa
Seguros could have an equity stake of 15%, with the disposal of 5% of the share
capital to workers. The public offering for sale took place on 15 October, with the
sale of 16,860 shares to workers. The remaining shares, to make up the 5% of
Fidelidade’s capital, were purchased by Fosun Group on 8 January 2015;

CGD disposed of its 1.1% equity stake in REN – Redes Energéticas Nacionais,
S.G.P.S. on 17 June in the sphere of the company’s 2nd reprivatisation stage in the
form of a domestic public offering and direct sale to qualified national and
international investors;

The company’s dissolution was approved on 31 December, in the form of a
Unanimous Written Resolution of the shareholders of Gerbanca, S.G.P.S. - CGD
and Caixa-Participações, S.G.P.S., with 92% and 8% of the share capital,
respectively.
Streamlining operations continued to be performed on the branch office network in Portugal
across the year as a whole, with the closure of 17 “face-to-face service” branches with low
business revenues or in the immediate vicinity of other branches, together with a reduction
of 191 employees. There were 19 closures of other “in-person customer service” branches
on the domestic network in 2015. Abroad, with the exception of Spain (with a reduction of
58 branches), witnessed an expansion of the physical network with the opening of 36 branch
offices in Mozambique, 6 in Angola, 4 in Timor and 1 in São Tomé e Príncipe.
The streamlining of the domestic branch office network has been accompanied by a
reinforcement of distance channel services, always pursuant to an approach based on
improvements to the quality of service, tailored to meet the new profiles and needs of the
population.
STRATEGY AND STRUCTURE OF CGD GROUP: EVOLUTION IN 2014
Continuation of
strategic focus on
banking activity
Active policy for
backing companies
and continued
support for
households
Sale of 80% of the
equity stakes in the
insurance companies
Positive results from
the restructuring
operation in Spain
Rationalisation of the
branch office
network and
development of
distance channels
based on a
continuous
improvement of the
quality of services
approach
12
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013
5 – Results, Balance Sheet, Liquidity and
Solvency
Results
Caixa’s losses of
€348.0 million down
€230.8 million over
2013
Following positive levels of profitability over the first three quarters of 2014 as a whole,
various extraordinary factors had a penalising effect on CGD’s results which, albeit negative
in amount of €348 million in 2014, represent a year-on-year improvement of around 40%
(negative net income of €578.9 million).
The improvement of profitability was, however, negatively affected, in the second and third
quarters by the recognition of impairment costs on the exposure to Espírito Santo Group
(GES) and, in the last quarter, by the provisioning endeavours following the AQR as well as
the net impact of the cancellation of deferred taxes deriving from the reduction of the IRC
rate (€85 million).
In spite of the above referred to additional provisioning endeavours, provisions and
impairment costs were down 15.6% in 2014 against the preceding year to €949.6 million.
The cost of credit risk was 1.18% in December 2014, against 1.06% in December 2013.
Growth of 15.7% in
net interest income
Active management
of net interest
income
Marked, continual
reduction of costs
which, in December,
were down 5.4%
over the end of 2013
Improvement of costto-income ratio
Reference should be made to the recovery of net interest income which recorded a year-onyear growth of 15.7% (net interest income) and 12.4% (net interest income including income
from equity instruments).
Active net interest income management, in a context of a continuous decline of Euribor rates,
effectively comprises an important instrument for laying the groundwork for CGD’s
convergence to a sustained trajectory of profitability.
This approach is visible in the case borrowing operations, reference should be made to the
marked contribution made by the repricing of interest on a relevant part of the deposits
portfolio.
Interest rates on lending operations continued to reflect the evolution of financial markets in
an environment of an improved perception of country risk.
Cost control and operational rationalisation have comprised strategic thrusts behind the
objective of optimising efficiency. Operational costs accordingly trended to negative across
the year as a whole to a year-on-year decrease of 5.4% in December. Special reference
should be made to the 8% reduction of employee costs to €64.4 million, over the preceding
year, of which around €40 million from the operation in Spain.
Following this improvement, cost-to-income decreased to 75.5% (81.6% in 2013).
RESULTS, BALANCE SHEET, LIQUIDITY AND SOLVENCY
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
13
OPERATING COSTS AND DEPRECIATION
(EUR million)
Change
2013-12
2014-12
Total
(%)
Employee costs
793.0
729.6
-63.4
-8.0%
Other administrative expenses
476.3
487.4
11.1
2.3%
Depreciation and amortisation
133.9
110.7
-23.2
-17.3%
1.403.2
1.327.7
-75.5
-5.4%
Total
The performance of financial operations whose respective results totalled €201.7 million,
remained highly positive. The gains achieved in 2014 essentially reflected the good
performance of regular trading and asset portfolio management activities, taking advantage
of their respective appreciation, particularly in respect of the Portuguese public debt
component.
The combination of these factors as a whole took the form of an expressive increase in gross
operating income (€410.8 million) which was up 31.8% over the end of 2013. Reference
should be made to the performance of international activity and, albeit to a lesser extent,
investment banking, which contributions increased 59.0% and 40.1%, respectively.
Good performance of
financial operations
Gross operating
income up by 32%
CONTRIBUTION TO GROSS OPERATING INCOME
(EUR million)
Change
2013-12
Domestic commercial banking
2014-12
Total
(%)
79.8
56.4
-23.4
-29.3%
International activity
210.2
334.3
124.1
59.0%
Investment banking
24.7
34.6
9.9
40.1%
Other
-3.0
-14.5
-11.5
-
311.7
410.8
99.1
Gross operating income
Major contribution to
gross operating
income from
international activity
31.8%
PROVISIONS AND IMPAIRMENT IN PERIOD
(EUR million)
1,200.0
1.125.5
-15.6%
949.6
1,000.0
800.0
817.8
600.0
854.1
400.0
200.0
307.7
95.5
2013-12
2014-12
0.0
Credit impairment net of reversals
Provisions and impairment of other assets (net)
The increase of impairment costs, in 2014, owing to the exposure to GES, conditioned the
Group’s consolidated net income to a negative amount of €348.0 million. This translated into
an improvement of around 40% in the Group’s profitability (negative net income of €578.9
million, in 2013).
RESULTS, BALANCE SHEET, LIQUIDITY AND SOLVENCY
In spite of trending
downwards against
the preceding year,
provisions and
impairment costs on
the exposure to
GES, had a
penalising effect on
consolidated net
income
14
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013
Balance Sheet
Reduction of assets,
particularly on the
sale of the insurance
companies and the
reduction of the
credit balance
The Group’s consolidated net assets were down 11.8% by €13,343 million to €100,152
million at the end of 2014, over the preceding December. This expressive reduction
particularly derived from the sale of 80% of the capital of the Group’s insurance businesses.
Albeit at a slower rate than in the preceding year, credit balances were also down 3.3%
(gross) and 4.5% (net).
These were not across-the-board decreases in the different sectors of activity but reflected
the significant reduction of credit to the state’s business sector following a strong flow of
early repayments owing to greater dynamism in credit flows to non-financial private
corporations, excluding construction and real estate activities.
The value of securities investments (including assets with repurchase agreements) was up
2.8% by €527 million.
Growth of customer
resources in spite of
the downwards
repricing of the
respective interest
rates
The sale of the insurance operation was also reflected in the evolution of liabilities, which
were down 12.3% over December 2013. Another contributory factor was the continued
decline of resources obtained from the European Central Bank (down €3.2 million) and the
early repayment of €3.6 billion in state-backed own debt.
This was offset, however, by customer resources that, in a context of the downwards revision
of their respective interest rates recorded an expressive positive 4.9% annual change of
€3,291 million to €71,134 million, in December.
There was another reduction of the loans-to-deposits rate to 94.5%, as a consequence of
the already referred to increase in customer deposits and reduction of loans and advances
to customers (net).
LOANS TO DEPOSITS RATIO
(EUR million)
160,000
103.5%
94.5%
67,623
70,718
70,018
66,864
2013-12
2014-12
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
Credit overdue for
more than 90 days
stabilises over the
last quarter
Increase in
provisions and
impairment cover
Customer deposits
Loans and advances to customers (net)
The credit overdue more than 90 days ratio was 7.1%, having stabilised in comparison to the
7.2% in September last, in spite of being higher than the preceding year’s ratio of 6.1%. The
respective impairment cover was increased from 99.9% in December 2013 to 102.3%.
The credit at risk ratio, calculated in conformity with Bank of Portugal criteria, was 12.2%
(11.3% at the end of 2013).
Reference should be made to the penalising effect of the reduction of the average portfolio
balance on these indicators.
RESULTS, BALANCE SHEET, LIQUIDITY AND SOLVENCY
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
15
Liquidity
CGD’s continued to enjoy a favourable liquidity situation, in 2014, as expressed in the
consistent decline in resources obtained from the ECB, in which CGD’s liabilities to the ECB
were down €3.2 billion over the preceding year to €1.5 billion at the end of the year. On a
CGD Group level, total resources obtained from the ECB also reflected this reduction from
€6.3 billion at the end of 2013 to €3.1 billion in December 2014.
ECB FUNDING (CONSOLIDATED)
(EUR million)
Sustained reduction
of ECB financing
which stood at €3.1
billion in December
2014 against €6.3
billion at the end of
2013
-69.8%
12,000
vs. 2011-12
10,000
8,000
6,000
10,287
8,415
4,000
6,335
2,000
3,110
0
2011-12
2012-12
2013-12
2014-12
In December, CGD decided to substitute a part of this financing by new Targeted LongerTerm Refinancing Operations (TLTROs), created by the ECB to boost the credit market.
CGD’s highly comfortable liquidity situation also enabled it, based on a cost reduction
approach, to make an early repayment of the remaining €3.6 billion in state-backed bonds
in its portfolio.
Early repayment of
state-backed debt
and subsequent cost
reduction
Management of the available assets pool allocated to operations with the Eurosystem, on a
CGD Group level, led to a decline in its respective value to €12 billion in December, against
more than €17 billion at the end of 2013. It should, however, be noted that the value of the
available (i.e. unused) assets, remained relatively stable at €9 billion at the end of 2014. This
amount is substantially in excess of the amount of the whole of the outstanding debt placed
in the institutional market.
There was a substantial decrease in the own debt balance during the course of the year,
with the maturity of two public issuances for more than €2 billion, including the repayment of
all bonds on the public sector.
As in January 2013, CGD successfully issued an amount of €750 million in covered bonds
with a maturity of 5 years and a coupon rate of 3% at the start of 2014. The spread of 188
bp on these bonds’ mid-swaps rate translated into a reduction of around 100 bp in financing
costs within a one year period.
In January 2015, with the aim of strengthening its financing capacity to the Portuguese
economy, CGD returned to the markets with a €1 billion covered bonds issuance with a
maturity of 7 years. Investors’ interest in these securities and their respective recognition of
the quality of CGD’s credit were clearly visible in the order books, with an increase in the
participation of traditionally more demanding and selective investor segments having been
noted. Such good results made it possible to pay a final coupon rate of 1%, representing a
historically low level for bonds issued by a Portuguese entity with this maturity.
RESULTS, BALANCE SHEET, LIQUIDITY AND SOLVENCY
Issuance of €750
million in covered
bonds with a maturity
of 5 years in January
2014
New issuance of €1
billion in covered
bonds with a 7 year
maturity and
historically low
coupon rate (1%) in
January 2015
16
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013
Solvency
Shareholders’ equity totalled €6 492.8 million at the end of December 2014, down by a slight
2.7% over the preceding year and particularly influenced by the evolution of “Other reserves
and retained earnings”.
SHAREHOLDERS’ EQUITY
(EUR million)
2013-12
Share capital
5.900.0
5.900.0
63.9
411.8
Other reserves and retained earnings
409.6
-437.9
Non-controlling interests
880.9
966.9
-578.9
-348.0
6.675.6
6.492.8
Fair value reserves
Net income
Total
CET 1 fully
implemented: 9.7%
2014-12
The Common Equity Tier 1 (CET 1) ratios, in consolidated basis, calculated in accordance
with CRD IV / CRR “phased-in” and “fully implemented” rules, were 10.8% and 9.7%,
respectively, against 10.9% and 7.6% on 1 January 2014.
Considering the Special Regime applicable to DTA – Deferred Tax Assets, the referred to
ratios would be 10.9% (“phased-in”) and 10.0% (“fully implemented”).
CET 1 phased-in:
10.8%
CGD successfully completed the European Central Bank’s (ECB’s) Comprehensive
Assessment on 130 European banks, whose results were announced on 26 October 2014.
The referred to assessment which included the Asset Quality Review (AQR) and Stress Test,
confirmed CGD’s balance sheet’s capacity to cope with very stringent asset valuation
criteria, in addition to the effects of a hypothetical new sovereign debt crisis scenario.
Successful
completion of the
ECB’s
Comprehensive
Assessment
The projection for the CGD’s CET1 (transitional dispositions) ratio, in 2016, was 9.40% for
the base and 6.09% for the adverse scenario, i.e. in both cases higher than the minimum
thresholds of 8% for the baseline scenario and 5.5% for the adverse scenario established in
the exercise.
Caixa Geral de Depósitos has therefore reaffirmed its strength as the Portuguese banking
system leader, in its capacity, in accordance with its mandate, of contributing to national
economic development on behalf of its customers.
RESULTS, BALANCE SHEET, LIQUIDITY AND SOLVENCY
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
17
6 – Operating Segments
Commercial Banking
CGD continued to operate as a benchmark entity in financing the economy, in 2014. With a
strategic focus on boosting its corporate business, Caixa – based on its teams of commercial
accounts specialising in SMEs, micro enterprises and entrepreneurs – furthered and
strengthened its backing for the economy across all economic sectors, particularly in the
tradable goods segment, backed by a diversified sectoral offer. Reference should, herein,
be made to the attention paid to the treasury function and corporate capitalisation support,
which are especially relevant in the present economic circumstances. The flexibility of such
an approach was also improved through the Group’s extensive international platform, which
operates as a seamless business network, both for companies and individual customers.
In the individual customers’ segment, CGD has refreshed its development of a model to back
households’ investment decisions, adjusting it to an economic and social framework
undergoing gradual transformation in which marked economic structural changes in the
profile, behaviour and objectives of the various economic agents are already visible.
Caixa’s branch office network continues to be the only one with a physical presence in all
municipal districts nationwide.
Promotion of
business with
companies that
present best projects
and contribute to
growth and renewal
of the economy
Special care taken
over corporate
capitalisation and
treasury function
measures
Caixa continued to adjust its physical domestic retail network, in 2014 and has a total number
of 720 “ face-to face customer service” branches (down 17 over the end of 2013), 39 selfservice branches (up one) and 27 Caixa “Corporate Offices” (down 2), to 786 business units
at the end of the year.
In continuing to focus on positive differentiation in terms of its customers’ experience and its
commercial dynamics, Caixa also continued to expand its dedicated management services,
providing for more than 1 million individual and 40,000 corporate customers in the form of
its:

Caixazul service available at 576 branch offices (80% of the network) at the end of
2014, provided by 945 dedicated account managers,

Caixa Mais service provided by 1,337 commercial assistants at 699 branches (97%
of network)

Caixa Empresas personalised customer and financial advisory service, for:

SMEs, with its own network of 27 offices with 100 dedicated account
managers,

The self-employed and micro-enterprises based on a team of 315 dedicated
account managers and Caixa Empresas spaces at 720 Caixa branch
offices.
Caixazul and Caixa Mais service models account for 62% of business revenues in the
individual customers’ segment. The Caixa Empresas service, with business revenues of
€4,183 million, posted growth of 6.4% over the preceding year.
One of Caixa’s major priorities in its approach to different customer strata is to continue to
boost the use of electronic channels in order to improve the flexibility of the service provided
and subsequently the greater satisfaction of its corporate and individual customers.
OPERATING SEGMENTS
Caixa Mais and
Caixazul services:
two complementary
approaches to the
individual customers
Caixa Empresas
service particularly
dynamic, deriving
from CGD’s
“Corporate Banking”
approach”
Improvement and
extent of distance
channels help to
improve customers’
satisfaction and
quality of service
18
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013
Caixa improves its
leading position in
the use of electronic
platforms as
business levers
Caixadirecta app one
of the first free
financial apps
New services:
- Caixa plim
- Multimedia Kiosk
- Conta Base
Caixa e-Banking, as Caixa’s internet banking service for corporate and institutional
customers, continued to trend to growth in 2014 and was responsible for average daily
movements of €106 million. New functionalities related with foreign trade and prepaid cards
for companies were implemented on this service during the course of the year.
The internet banking service for Caixadirecta’s individual customers, recorded 338 million
operations in 2014, up 19.4% over the preceding year. Special reference should be made to
the significant growth of the service using the Caixadirecta app, which already accounts for
around 32% of its total operations.
Caixa has continued to play a pioneering role in this domain. This is notably visible in the
availability of new functions on distance channels. Reference should be made of the
possibility of using the above referred to Caixadirecta app to contract for products, making it
possible to open term deposit accounts, apply for cards and personalise frequent operations
and the Caixadirecta online service which provides access to share trading in new markets
(Amsterdam, Brussels and Paris Euronext) and open savings accounts.
New services, in line with the latest market trends, were launched in 2014 in Caixa’s pursuit
of an innovation strategy. This is exemplified by Caixa plim as a unique, pioneering service
in the national market for mobile applications, which makes it possible to pay small amounts
based on customers’ contacts. Another example is the supply of a pilot multimedia kiosk
application at two branches, enabling customers to interact with the equipment via the use
of their “citizens” (i.e. ID) cards, in addition to traditional means of access (pass-books and
cards).
Resources
32.4% market share
of individual
customers’ deposits
CGD continues to enjoy the lion’s share of the deposits market in Portugal, particularly in the
case of individual customers with an increasingly marked growth trend at 32.4% in November
2014.
With the objective of leveraging the retention and growth of sufficiently profitable balance
sheet resources, Caixa launched several savings and investment solutions during the course
of 2014. Reference should be made, in terms of deposits, to the six bi-monthly resourcetaking initiatives (Base and Integrated Deposits Offer) and automatic savings solutions. 49
short and long term tracker deposit products with guaranteed capital on maturity and varied
interest structures were commercialised.
Proactive offer of
savings and
investment solutions
based on better
knowledge of
customers’ profiles
(household and
individual customers)
Nine medium/long term capitalisation campaigns, guaranteeing capital and fixed interest on
maturity were launched in the financial insurance sphere.
Caixa pioneered the launch of its Basic Account at 31 December 2014. This is a current
account which includes a collection of basic banking services. The “Conta Base” (Basic
Account), which complies with Bank of Portugal recommendations, with a statement or passbooks option, is for individual customers.
Total deposits in the domestic branch office network were up 6.8% across all segments over
the preceding year to €58,861 million.
In terms of the Group’s “universe”, the resources-taken balance (excluding the interbank
market) totalled €108,027 million, i.e. year-on-year growth of 4.1%. Another contributory
factor was the favourable evolution of off-balance sheet resources which were up 10.9%
over the end of December 2013.
OPERATING SEGMENTS
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
19
RESOURCES TAKEN BY CGD GROUP – BALANCES
(EUR million)
Change
2013-12
Balance sheet
2014-12
Total
(%)
79.158
80.737
1.579
2.0%
69.525
72.796
3.270
4.7%
67.623
70.718
3.095
4.6%
1.903
2.078
175
9.2%
8.733
7.041
-1.692
-19.4%
EMTN
4.064
2.282
-1.783
-43.9%
Covered bonds
3.810
4.579
769
20.2%
858
180
-679
-79.0%
Retail
Customer deposits
Other customer resources
Institutional investors
Other
Portuguese State - Conting. convert. bonds
Off-balance sheet
Total
Total (excl. inst. inv. and Portuguese state)
900
900
0
0.0%
24.601
27.291
2.690
10.9%
103.759
108.027
4.268
4.1%
94.126
100.086
5.960
6.3%
Growth of resourcetaking in both the
domestic and
international markets
Not considering resources taken from institutional investors and CoCo bonds, the year-onyear change was up 6.3% to more than €5,960 million.
The international area’s contribution to total resource-taking remained highly favourable, with
an increase of 5.3% over the end of 2013 to €15,321 million. Reference should be made to
CGD units in Asia, Africa and Spain as well as France.
CUSTOMER DEPOSITS - INTERNATIONAL ACTIVITY
(%)
Other
9%
International network
contributes €15,321
million to total
customer deposits
Spain
15%
PALOP
26%
France
16%
Asia
34%
Note: PALOP – Portuguese Language Speaking African Countries
Credit
In reinforcing its role in promoting the domestic economy, Caixa has been taking steps to
improve customer proximity, the intensity of relationships and quality of service provided.
The following initiatives were implemented in 2014:

The launch of new “Linhas Protocoladas” (Specific Lines) including “PME
Crescimento 2014” (SME Growth), “Comércio Investe” (Commerce Invest) and
“Linha Garantia Mútua-FEI” (“Special Mutual Guarantee Investment Line) 20132015;

Enhancement of Caixa’s Sectoral Offer, in the form of 7 different solutions focusing
on specific sectors of activity, particularly the re-launch of our value proposal related
to Iberian Business;
OPERATING SEGMENTS
Fresh actions to
reinforce CGD’s
corporate offer
20
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013

Optimisation of corporate credit operation pricing terms, aligned with the respective
risk and market conditions.
CGD’s level of involvement in backing the investment projects of Portuguese companies
continues to be comprehensive (micro, SME and major enterprises), translating into funding
of €1,843 million for new and medium term operations.
In an environment in which demand is slowly recovering but still weak, the volume of new
corporate loans, albeit rising (up 5% over the preceding year), has still not made it possible
to offset portfolio repayments, leading to a 6.3% reduction of the respective balance. It
should, however, be noted that an expressive contributory factor to this reduction was the
flow of early repayments of credit operations to the state's business sector as the private
sector, individual customers and companies are starting to show signs of greater dynamism.
Market share of
17.8% in Linha PME
Crescimento market
in 2014
The “Linha PME Crescimento 2014” (SME Growth) provides continuity to the “Linha PME
Investe/PME Crescimento” (SME Invest/SME Growth) as a fundamental pillar for financing
Portuguese SMEs and is geared to improving this corporate segment’s access conditions to
finance, with mutual guarantees, competitive spreads and extended maturities, with a grace
period on capital. Subject to a credit ceiling of €2 billion, Caixa has approved more than €284
million for this line (operations received by mutual guarantee companies up to December
2014), comprising a market share of around 17.8%.
Around €216.4 million of fresh loans were made under “PME Investe” credit lines, in 2014,
to a portfolio total of €1,427 million at the end of 2014.
Caixa has approved more than €6,024 million in “PME Investe/PME Crescimento” funding
(operations received by Mutual Guarantee Companies up to December 2014), since 2008.
MARKET SHARES - CREDIT LINES
(%)
PME Excelência
25.5%
PME Líder
27.9%
Investe QREN
PME Crescimento 2014
17.8%
Loans and advances to
corporates
17.8%
Loans and advances to
customers
0.0%
28% of total PME
Líder statuses
attributed
Market share of 26%
of PME Excelência
statuses
Market share of
20.1% in secondary
export support lines
51.4%
21.4%
20.0%
40.0%
60.0%
In line with its objective of being the bank of choice of the best SMEs, Caixa was, for the
second consecutive year, the bank with the largest number of new “Estatuto PME Líder”
(Leading SME Status) status entrants with a market share of around 28% in the number of
statuses attributed. Around 73% of the total number of 7,748 PME Líder companies are
Caixa customers. Caixa has accordingly increased its number of “PME Excelência” (SME
Excellence) companies by around 85% (467 companies or a share of around 26%).
Caixa’s position in government lines and in the “Estatuto PME Líder/PME Excelência”
companies reflects the market’s growing recognition of its status in the corporate market, as
shown in the following table.
As part of its strategy for backing exporting companies, Caixa’s market share of specific
secondary lines for export support is 20.1% by amount of financing.
OPERATING SEGMENTS
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
21
In the context of highly aggressive competition from major banks operating in Portugal,
CGD’s had a 17.8% market share of loans and advances to companies in November against
18.1% at the end of 2013. Reference should, once again be made to the fact that 2014
witnessed a strong flow of early credit repayments by state-owned companies, which had a
significant impact on CGD’s credit balance.
MARKET SHARE – CORPORATE LOANS
(%)
19%
18%
18.1%
Favourable evolution
of market share of
loans and advances
to companies in a
highly competitive
context
17.8%
17%
17.3%
16%
16.4%
16.4%
2010-12
2011-12
15.5%
15%
14.8%
14%
2008-12
2009-12
2012-12
2013-12
2014-11
In its mortgage lending, Caixa has furthered the development of initiatives designed to
strengthen the value of its respective offer, particularly as regards its repricing operations,
improvement to the range of Base Fixed Rate indicators and its downwards revision of life
insurance tariffs associated with mortgage lending operations.
Caixa has continued to promote the commercialisation of property in its own portfolio
property not in use for its main activity and property built with Caixa finance. Reference
should be made to differentiation in terms of finance, providing customers, in the first 5 or
10 years of the contract, with a better fixed rate, and a reduction in the spread on the
operation and extended repayment periods, across the remaining period of the contract.
In light of historically low Euribor levels, Caixa has been making significant improvements to
its range of fixed rates associated with mortgage loans, guaranteeing a reduced spread
between Euribor and fixed rates, enabling households to maintain their financial stability
when subscribing for a new loan with maturities of up to 20 years.
MORTGAGE CREDIT PORTFOLIO – BRANCH OFFICE NETWORK
(PORTUGAL)
(EUR million)
-4.1%
35,000
30,000
25,000
20,000
15,000
30,674
29,418
2013-12
2014-12
10,000
5,000
0
OPERATING SEGMENTS
Initiatives designed
to strengthen and
improve CGD’s
mortgage loans
Development of
fixed-rate offer for
mortgage operations
22
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013
Fresh mortgage
loans of more than
€500 million
New mortgage credit operations in terms of CGD’s activity in Portugal were up 16.4% over
the preceding year to €539.2 million. However, the volume of repayments and settlements
has outpaced the volume of new operations, resulting in an annual reduction of 4.1% in the
amount of portfolio credit.
In consolidated terms, loans and advances to customers (gross) were down 3.3% by €2,437
million to €72,093 million at the end of 2014 over the amount posted in December 2013.
CGD Portugal accounted for €54,978 million and the remaining Group units for €17,114
million, representing 76% and 24% of total loans and advances to customers, respectively.
LOANS AND ADVANCES TO CUSTOMERS (a) (CONSOLIDATED)
(million euros)
Change
2013-12
CGD's operations in Portugal
Total
(%)
58.333
54.978
-3.355
-5.8%
21.980
20.598
-1.382
-6.3%
General government
3.056
3.139
83
2.7%
Institutionals and other
1.477
767
-710
-48.1%
31.820
30.474
-1.346
-4.2%
30.674
29.418
-1.256
-4.1%
1.146
1.056
-90
-7.9%
Other CGD Group companies
16.197
17.114
918
5.7%
Total
74.530
72.093
-2.437
-3.3%
Corporate
Individual customers
Mortgage loans
Other
Reference should be
made to BCI’s
increase of 31% and
BNU’s increase of
48% in gross credit.
2014-12
The banks located in Africa posted a 25.6% growth in loans and advances to customers
(gross) to €3,023 million in 2014. Special reference should be made to BCI in Mozambique
with a 31% increase of €351 million over December 2013. BNU’s loans, in Macau, were up
47.6% by 733 million year-on-year.
OPERATING SEGMENTS
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
23
International Activity
CGD – MULTIPLE PRESENCES ON A SEAMLESS NETWORK
In a context of still weak domestic demand and the restructuring of a significant proportion
of Portuguese businesses, CGD has been strengthening the importance it attaches to
international business as a strategic policy and performance thrust, crucial to convergence
to a sustained trajectory of profitability and strength.
This priority is aligned with the revitalisation of the tradable goods sector and an increase in
its respective contribution to wealth formation as drivers of the consistent recovery of the
national economy.
More than a collection of diverse geographical hubs, CGD Group’s international platform
(with a presence in 23 countries and 4 continents) endeavours to present its customers with
the image of a seamless network, meeting common objectives with a range of products and
services accessible to the whole of the “universe” of companies and households working
with different CGD Group business units, whatever their geographies or business targets.
CGD Group has, accordingly, been laying the groundwork both in Portugal as in its various
units to improve the flexibility of the multilateral business flows between CGD customers
whatever their geography.
Reinforcement of the
strategic importance
of international
activity
Promotion of
multilateral business
based on strong
integration within
Caixa’s global
network
Specialised help desks for the promotion of cross-relationships between customers and
units, as business facilitators and promoters have therefore been set up in various CGD
Group branches and subsidiaries.
Foreign trade in 2014, year-on-year 2013, were up 35%, in the form of 7,071 new operations
in this area.
Also very important is the backing given to companies, namely those embarking upon their
respective internationalisation processes or interested in entering new markets, in terms of
advisory services and the provision of information on the specifics of each target country for
exports or investment.
The wealth of information on the specifics of each market provided by the Group’s long
international business experience is an undisputable advantage for any customer.
Reference should also be made to CGD’s organisation of a series of promotional and
business empowerment actions, both in Portugal and in several of its priority markets,
notably Mozambique and Macau. Several training workshops (“market panels”) on countries
such as Spain, France and Angola were organised during the course of the year.
In the sphere of its backing for the internationalisation processes of Portuguese companies,
this has been complemented by 8 concessionary CGD credit lines in 6 countries, totalling
€1,450 million, including 133 projects, distributed among 127 Portuguese companies in
respect of which disbursements of €118 million were made during the course of 2014.
Reference should be made, both on account of the number of projects backed and the
number of companies involved, to the Concessionary Credit Line for Low Cost Housing in
Cape Verde under which an amount of €42 million was apportioned among 70 Portuguese
companies, the vast majority of which SMEs, embracing 79 projects.
An amount of €55 million was disbursed to Portuguese exporting companies in respect of
the credit line for Mozambique.
The Group’s international platform is an important factor in terms of its consolidated net
income.
OPERATING SEGMENTS
Improved offer of
services to
“internationalised” or
“internationalising"
companies
24
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013
INTERNATIONAL ACTIVITY CONTRIBUTION TO THE CONSOLIDATED
NET INCOME
(EUR million)
Slightly negative
contribution to
consolidated net
income made by the
international activity,
following
provisioning
requirements mainly
due to the exposure
to GES
2013-12
Total International
2014-12
Change
-83.3
-2.8
80.5
-182.5
-53.8
128.8
-57.3
20.1
77.4
-113.9
-66.1
47.8
Of which:
Spain
Of which:
Banco Caixa Geral Espanha
Spain Branch
The performance of CGD businesses in the Orient and Africa continued to be highly
favourable. Income generated by CGD operations in Asia also rose to €46 million. Reference
should be made to BNU Macau’s continued good performance with net income of €41.9
million. Africa contributed €44.8 million to consolidated net income in the period under
analysis. Particular reference should be made to Mozambique (€15.4 million), Angola (€18.2
million) and South Africa (€8.9 million).
Visible improvement
in the results of the
Spain operation
The Group’s performance in the “mature” markets segment was also globally favourable as
expressed in the results achieved by BCG Spain and CGD’s London Branch (€20.1 million
and €11.8 million, respectively).
Improvement in the
good performance of
operations in Africa
and Asia
The positive results achieved by the subsidiary in Spain, in 2014, are in contrast to the
marked losses of €57.3 million in 2013 and express the already visible effects of the
application of a deep cutting restructuring plan agreed with DGComp, essentially comprising
a structural revision of the Bank’s business model which is markedly targeted at the retail
segment and Iberian business. This has been accompanied by a notable streamlining
exercise on the unit in the form of a reduction of the number of employees and branch office
network, concentrating on the most important geographical hubs in terms of cross-border
business.
Income from international activity was, however, penalised by considerable endeavours in
terms of provisioning requirements, following the advent of non-recurrent conjunctural
factors, with the respective contribution to the Group’s net income comprising losses of €2.8
million. However, the 59.0% increase of €334.3 million in the contribution to gross operating
income was highly expressive in comparison to the preceding year’s amount.
Promotion of crossselling between
individual customers
resident abroad and
“internationalised”
companies
Caixa continues to pay special attention to the individual customers resident abroad
segment, not only on account of the segment’s relevance to its business but also its
commitment to backing traditional customers in addition to new emigration flows, which,
nowadays, are particularly made up of young, highly qualified people who are looking for
opportunities outside the country or specialised workers who have been seconded abroad
by their respective corporate employers.
Caixa has therefore furthered its policy of developing cross-selling operations between
individual customers resident abroad and “internationalised” companies, in its awareness of
the relevance attached by customers to a global commercial approach by the Bank.
Growth of 5.4% in
resource-taking from
customers abroad
The increase in banking involvement with customers has been furthered both through the
strengthening and qualification of teams and proximity campaigns and events in Portugal
and abroad, in which diverse specific products, adequate to the segment have been
supplied, stressing the diversification of supply and expanding it to non-euro currencies,
namely Canadian dollars (CAD) and Sterling (GBP).
In 2014, resources taken from current individual customers resident abroad, were up 5.4%.
OPERATING SEGMENTS
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
Caixa continued to strengthen the distance service models for the referred to segment,
having expanded its Caixadirecta Internacional service to Angola and Mozambique, in 2014
and which now covers 16 countries. The service operates on a multi-channel approach,
endeavouring to improve customers’ proximity with Caixa.
Partnerships with leading institutions, to develop international business support services
were also reinforced. Reference should be made to the implementation of the global offer in
Renminbis and subscription to the European Savings Bank’s IIBN Platform.
25
Global offer in
Renminbis
Subscription to the
European Savings
Bank’s IIBN Platform
Investment Banking
Caixa Banco de Investimento (CaixaBI) posted net income of €4 million, in 2014. The
evolution of commissions (net) totalling €45.3 million for the period contributed positively to
the net income. CaixaBI cost-to-income ratio was 34.8% this ratio was 23.1% if adjusted by
impairment on financial assets, remaining clearly below its peers.
The difficulties experienced by a series of projects, as a result of the economic environment
of the last few years, had a negative impact on CaixaBI’s results, which were strongly
affected by a €35.6 million in impairment on financial assets and €26.5 million increase in
provisions and impairment, including the recognition of impairment in subsidiaries, which
were particularly penalised by the major slowdown felt in Brazil’s capital market over the last
few years (€10.2 million).
CaixaBI participated in several emblematic projects reinforcing its leadership in investment
banking. Reference should be made to the following aspects of business areas:
Project Finance
In terms of completions, in 2014, reference should be made to the economic-financial
rebalancing of the municipal public service concession for the water supply to the municipal
districts of Santo Tirso and Trofa, the structuring and organisation of the refinancing of the
wind portfolio of 214 MW, owned by Lusovento in Portugal and the renegotiation of the
Castellón Airport concession, in Spain, which culminated in the early repayment of the
respective finance.
Structured Finance
Reference should be made, in Portugal, to the structuring of corporate finance for SUMA, in
the context of the acquisition of EGF and completion of the advisory services on the financial
reorganisation of Efacec Group. In Spain, special mention should be made of the financial
restructuring processes for FCC, Azincourt, Gallardo and Pretersa (with global restructured
amounts of €5.7 billion), as well as financial advisory services for the disposal of credit owed
to CGD’s Spain branch.
Corporate Finance – Advisory
Reference should be made to the financial advisory services for the sale of CGD Group’s
insurance business to Fosun Group. This €1.6 billion transaction was the largest in the
insurance sector in Europe last year and the largest ever transaction involving a private
Chinese entity in the European financial sector.
The Bank also acted as an advisor in the completion of the REN reprivatisation, through the
sale of the 11% still held by Parpública and CGD, the disposal of 31.5% of CTT, held by
OPERATING SEGMENTS
CaixaBI with positive
earnings of €4 million
Cost-to-income ratio
of 34.8% (ratio of
23.1% if adjusted by
impairment on
financial assets)
26
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013
Parpública, the disposal of a 10.5% equity stake in Sumol+Compal, by Refrigor and the
disposal of 20% of Portucel Moçambique to IFC by the Portucel Soporcel Group.
Financial advisory
services for the sale
of CGD Group’s
insurance sector
companies
Debt Capital Market
CaixaBI continued to be the benchmark institution in the debt capital market in Portugal,
namely in the bonds and commercial paper sectors, leading the global bookrunners ranking
for bond issuances by national entities for the seventh time in the last eight years.
The following major operations were performed in the primary bond market:

Active role in the
capital markets and
participation in major
projects strengthen
CaixaBI’s lead




Republic of Portugal: joint bookrunner and joint lead manager for the TB 2019 tap
issuance as the current 5 year benchmark, heralding the Portuguese Republic’s first
access to the markets in 2014 and a notes issuance maturing in 2030. Sole
bookrunner and lead manager for the notes issuance maturing in 2022 in the form
of a private placement and co-lead manager in the TB 2024 tap issuance.
Parpública: joint lead manager and bookrunner in the €600 million notes issuance
maturing in 2021 and organisation and lead of a €750 million bond loan maturing in
2019.
CGD: joint lead manager and bookrunner in a €750 million covered bonds issuance
maturing in 2019.
Brisa: joint lead manager and bookrunner in a €300 million notes issuance maturing
in 2021 which comprised the first Euromarket issuance by a Portuguese corporate
in 2014.
EDP: joint lead manager and bookrunner in a €650 million notes issuance maturing
in 2019.
CaixaBI also organised and led 21 new commercial paper programmes for a global amount
of more than €1 billion.
Equity Capital Market
CaixaBI consolidated its leading position in the equity capital market in Portugal during the
course of 2014, as the best positioned financial institution in the top 10 of the ECM – Portugal
league table for the year and the national and international entity with the largest number of
successful capital market completions (five).
The Bank developed and successfully completed the following capital market operations in
2014:








CTT: advisor and bookrunner in the privatisation of 31.5% of the capital of CTT.
REN: global coordinator and bookrunner in the reprivatisation of 11% of the capital
of REN.
José de Mello Energia: bookrunner in the ABB on a block of shares belonging to the
shareholder José de Mello Energia, comprising 2.59% of EDP’s capital.
Espírito Santo Saúde: co-lead for the initial public offering, completed in February,
totalling €149.8 million.
Sonae: co-lead manager for the issue of Sonae SGPS, S.A. convertible shares,
totalling €210.5 million.
Mota-Engil: bookrunner for the sale of a 16.8% equity stake in Mota-Engil, based on
an ABB.
Sonae Indústria: global coordinator and bookrunner in the share capital increase of
Sonae Indústria, totalling €112.1 million.
Fidelidade: financial advisor for the public offer for sale of shares reserved for
workers.
OPERATING SEGMENTS
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
27
Brokerage
According to CMVM data for the first 11 months of 2014, CGD Group came third in the
brokers’ ranking with an accumulated market share of 12.4% and an 4.8% growth in trading,
year-on-year 2013. A contributory factor was CaixaBI’s participation as a bookrunner for the
REN public offering and the Mota-Engil, EDP and CTT ABBs and as co-lead manager for
the Espírito Santo Saúde initial public offering.
Third place in the
brokers’ ranking
(CMVM)
Financial and Structuring Area
CaixaBI’s performance as a liquidity provider remained positive, with the bank continuing to
operate as a provider on several shares listed on Euronext Lisbon, with Euronext having
awarded its maximum “A” rating on all securities and categories. Reference should also be
made to the Bank’s pioneering activity in the new segment created by Euronext to stimulate
the liquidity of retail investors in the form of the Retail Matching Facility.
Syndication and Sales
CaixaBI was the joint lead manager in six primary market issuances, namely the Portuguese
Republic’s TB issuances maturing in 2019 and 2030, Parpública’s issuance of 7 year bonds,
CGD’s issuance of 5 year covered bonds and the Brisa and EDP issuances. It was also colead in the syndicated reopening of the Portuguese Republic’s 10 year issuances, sole lead
manager and bookrunner in the Altri/Celbi and Sonae Capital private placements and
bookrunner in the inaugural placement of Colep bonds.
It was also responsible for €1.7 billion in 167 commercial paper issuances.
Venture Capital
CaixaBI furthered its funds taking activity and analysis of investment opportunities eligible
for inclusion in the four funds under Caixa Capital management, with 107 projects having
been considered of which 37 were approved. Approved projects comprised a potential
investment of approximately €161.8 million of which an amount of €13.9 million was
effectively invested.
OPERATING SEGMENTS
Maximum “A” rating
as a liquidity provider
across all securities
(Euronext)
28
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013
7 – Rating
2014 witnessed an improvement in the Portuguese Republic’s and CGD’s ratings.
S&P takes CGD off
“creditwatch
negative” in May
2014
Fitch Ratings upgraded its long term rating on the Portuguese Republic from “negative” to
“positive”, in April, and Standard & Poor’s (S&P) and DBRS changed their ratings from
“negative” to “stable” in May.
Moody’s, in turn, upgraded its long term rating on the Portuguese Republic to Ba2 and
upgraded it once again to Ba1 with a stable outlook, in July.
Following S&P’s above referred to action, CGD’s ratings were reaffirmed, in May, having,
been taken off credit watch negative.
CGD
Portugal
Short
Term
Long
Term
Date
Short
Term
Long
Term
Date
Standard & Poor's
B
BB-
2014-05
B
BB
2014-11
FitchRatings
B
BB+
2014-07
B
BB+
2014-10
N/P
Ba3
2014-07
N/P
Ba1
2014-07
R-2 (mid)
BBB (low)
2014-12
R-2 (mid)
BBB (low)
2014-05
Moody's
DBRS
Fitch Ratings and Moody’s reaffirmed their ratings on CGD in July.
DBRS upgraded
CGD’s outlook from
negative to stable in
December
DBRS revised its outlook on CGD’s ratings from negative to stable, in December, with the
recent above referred to stabilisation of CGD’s fundamental financial variables. The
movement in respect of the rating on the Portuguese Republic in May 2014, also
contributed towards this improvement.
RATING
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
8 – Pension Fund
Retirement pension liabilities for CGD employees at 31 December 2013 and 2014 were up
€499.4 million from €1,712.2 million and €2,211.6 million respectively. At the end of 2013
the liabilities were fully funded by the pension fund as opposed to a financing level of
96.95% in 2014. The fact that the pension fund’s effective yield was higher than the
discount rate led to a positive actuarial deviation which partly offset the deviations occurring
from changes in actuarial premises. The actuarial deviations associated with pension fund
liabilities at the end of the year were around €516 million.
Liabilities associated with CGD employees’ post-employment medical benefits were fully
provisioned, for the amounts of €466.9 million and €500.6 million, respectively at 31
December 2013 and 2014. Actuarial deviations associated with the medical plan at the end
of the year were around €96.4 million.
At the end of December 2014, CGD adjusted its wage evolution premises to 0.3% between
2015 and 2017 and 1.0% for the following years, in addition to the evolution of its pensions
growth to 0% between 2015 and 2017 and 0.5% for the following years. CGD also reduced
its discount rate by 1.5 pp. (from 4.0% to 2.5%).
PENSION FUND
29
30
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013
9 – Investment in the Future
Global corporate
management
integrates
sustainability policy
CGD’s enjoys a
leading position in
the sustainability and
social intervention
sphere
Certification of
Environmental
Management System
(APCER)
27% increase in the
financial value of the
Caixa brand over
2013
CGD unequivocally strengthened its process of consolidating the promotion of its
sustainable development, as a benchmark operator, in terms of best financial sector
practice, in 2014.
Sustainability translates into CGD’s adoption of economic, environmental and social
commitments in excess of its legal commitments and which contribute to business
development, optimisation of resources, brand reputation, cost reductions and enhanced
competitiveness.
Caixa was, once again recognised by the Carbon Disclosure Project for its endeavours to
reduce its carbon footprint and mitigate the risks of climate change.
Geral de Depósitos was environmentally certified to ISO 14001 and was the first Portuguese
financial institution to achieve such recognition. The scope of the certification embraced the
activities occurring in CGD’s headquarters offices in Lisbon and is expected to expand to
CGD Group’s branch office network.
In accordance with its environmental policy, CGD has now defined objectives and
quantitative goals to reduce its environmental impact, strengthening its commitment to the
environment, focusing on cost reductions and optimising operational efficiency, energy,
water consumption, mobility, waste, re-use of resources and reducing wastage to the
minimum.
Caixa’s brand recognition factor was strengthened, in 2014, when it was considered, for the
7th consecutive time to be the “Most Valuable Portuguese Banking Brand in Portugal” and
the 181st most valuable in the survey, with a 27% increase over the preceding year in its
brand value to €556.42 million. Its brand strength rating evolved from AA- (2013) to AA.
Caixa subscribed for the 10 world’s largest corporate voluntary responsibility initiative in the
form of the UNO Global Compact principles.
Caixa’s lead in the sustainable development domain is assuredly an investment in the future.
Caixa subscribes to
the UNO’s 10 Global
Compact principles
INVESTMENT IN THE FUTURE
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
31
10 – Prizes and Distinctions
Caixa Geral de Depósitos continues to be the undisputed leader in terms of brand
recognition in the banking sector.
The different distinctions awarded to Caixa demonstrate recognition of the merit of its
sustainable performance and commitments to the future, on behalf of various
generations, society, domestic economy and the environment.
Information on several prizes and distinctions awarded to CGD Group is given below:















Most Valuable Portuguese Banking Brand in Portugal - Brand Finance
Superbrands 2014 – Excellence Brand
“Marcas que Marcam” (Brands which Make a Difference) Prize 2014 – Banking
Category
Portuguese Banking Brand with the Best Reputation - Reputation Institute
Environmental Management System (EMS) certified to ISO 14001
Prime Company – Oekom ranking
Carbon Disclosure Project Leadership Index Disclosure (CDLI) - CGD achieves
the highest classification of all Portuguese companies (99 points)
Carbon Disclosure Project Performance (CPLI) – Best Iberian Bank (level A)
Rock in Rio Sustainable Attitude (Lisbon 2014) – award for a sustainable stand
Green Leadership Award (1st Greenfest 2014 prize) – sustainability strategy
Winner in the Social Responsibility Category - CGD - Best Ethical Practices
Awards 2014
Eficácia Prize 2014 - Silver
Marketeer Prize 2014 – Banking Category
Sapo prizes
 Gold: Customer of the Year
 Gold: Grand Prix Jury with Caixa Plim
 Gold: Financial Sector with Caixa Plim app
 Gold: Best WebTV Format with Caixa Plim app
 Gold: Best Digital Media Plan with Caixa Plim app
 Silver: Financial Sector with Leisure Time Activity – Nós Alive Facebook
 Bronze: Entertainment and Shows with RFID Activation - Rock in Rio
Communication Media and Advertising Prizes
 Gold: Banking & Finance with CGD’s “Saldo Positivo” (Positive
Balance)
 Silver: Banking & Finance with Rock in Rio activation
 Silver: Social Engagement with Rock in Rio activation
 Gold: Integrated Communication Campaign with Rock in Rio activation
 Silver: Internal Event with Anniversary Action
 Bronze trophy for the “Árvores da Terra” (Trees of the Earth). Book
project in the Social Responsibility Category – Social Responsibility
Action, in commemoration of Native Forest Day.
(*) The prizes awarded are the exclusive responsibility of the awarding bodies
Caixa Geral de Depósitos
11 February 2015
PRIZES AND DISTINCTIONS
32
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
CGD
2013
11 - Consolidated Balance Sheet (*)
at 31 December 2014
(EUR million)
Change
Assets
2013-12
2014-12
Total
(%)
Cash and cash equivalents with central banks
1.545
2.118
573
37.1%
Loans and advances to credit institutions
2.811
3.012
201
7.1%
Loans and advances to customers
70.018
66.864
-3.154
-4.5%
Securities investments
18.329
18.972
643
3.5%
706
1.281
575
81.6%
13.445
804
-12.641
-94.0%
42
319
276
652.5%
Intangible and tangible assets
869
828
-41
-4.7%
Current tax assets
129
55
-74
-57.3%
Deferred tax assets
1.375
1.425
50
3.6%
Other assets
4.225
4.474
249
5.9%
Total assets
113.495
100.152
-13.343
-11.8%
9.735
6.002
-3.733
-38.3%
67.843
71.134
3.291
4.9%
Financial liabilities
1.645
2.121
476
29.0%
Debt securities
8.791
7.174
-1.617
-18.4%
11.591
2
-11.589
-100.0%
881
842
-40
-4.5%
Subordinated liabilities
2.524
2.428
-96
-3.8%
Other liabilities
3.810
3.956
147
3.9%
106.819
93.659
-13.160
-12.3%
6.676
6.493
-183
-2.7%
113.495
100.152
-13.343
-11.8%
Assets with repurchase agreement
Non-current assets held for sale
Investm. in subsid. and associated companies
Liabilities
Central banks' and credit institutions' resources
Customer resources
Non-current liabilities held for sale
Provisions
Sub-total
Shareholders' equity
Total
(*) 2013 values have been restated as the associated company IMOBCI (Mozambique) was reclassified as a subsidiary and integrated by the full
integration method, following the implementation of IFRS 10; and the amounts reflect the application of IFRS 10 which implies a change to the preceding
year’s net income owing to the inclusion of two SPVs in the consolidation perimeter.
CONSOLIDATED BALANCE SHEET
CGD
CONSOLIDATED OPERATIONS AT 31 DECEMBER 2014
33
12 – Consolidated Income Statement (*)
at 31 December 2014
(EUR thousand)
Change
2013-12
2014-12
Total
(%)
Interest and similar income
3.611.765 3.339.246
-272.519
-7.5%
Interest and similar costs
2.756.916 2.350.511
-406.406
-14.7%
854.849
988.735
133.887
15.7%
68.970
49.554
-19.416
-28.2%
Net interest inc. incl. inc. from eq. investm.
923.818 1.038.289
114.470
12.4%
Income from services and commissions
673.050
659.055
-13.994
-2.1%
Costs of services and commissions
159.582
144.039
-15.543
-9.7%
513.468
515.016
1.549
0.3%
263.166
201.657
-61.509
-23.4%
14.414
-16.545
-30.959
-214.8%
791.048
700.128
-90.919
-11.5%
Net interest income
Income from equity instruments
Commissions (net)
Income from financial operations
Other net operating income
Non-interest income
Net operating income
23.551
1.4%
Employee costs
792.993
729.580
-63.414
-8.0%
Other administrative expenses
476.309
487.393
11.084
2.3%
Depreciation and amortisation
133.903
110.690
-23.212
-17.3%
1.403.205 1.327.663
-75.542
-5.4%
Operating costs and depreciation
1.714.866 1.738.417
Gross operating income
311.661
410.754
99.094
31.8%
Provisions and impairment of other assets (net)
307.733
95.477
-212.255
-69.0%
Credit impairment net of reversals
817.759
854.123
36.363
4.4%
1.125.492
949.600
-175.892
-15.6%
135.459
285.935
150.476
111.1%
272.8%
Provisions and impairment
Income from subsidiaries held for sale
Income from associated companies
5.203
19.396
14.194
Inc. before tax and non-controlling interest
-673.170
-233.515
439.655
-
Tax
-153.947
29.780
183.726
-
-179.071
-8
179.063
-
25.125
29.788
4.663
18.6%
-519.223
-263.295
255.929
-
59.667
84.749
25.082
42.0%
-578.890
-348.044
230.846
-
Current and deferred
Extraordinary contrib. on the banking sector
Consolidated net income for period
of which:
Non-controlling interest
Net income attrib. to CGD shareholder
(*) 2013 values have been restated as the associated company IMOBCI (Mozambique) was reclassified as a subsidiary and
integrated by the full integration method, following the implementation of IFRS 10; and the amounts reflect the application of IFRS
10 which implies a change to the preceding year’s net income owing to the inclusion of two SPVs in the consolidation perimeter.
CONSOLIDATED INCOME STATEMENT
Caixa Geral de Depósitos, S.A. • Head Office: Av. João XXI, 63 – 1000-300 Lisbon • Share Capital € 5,900,000,000 • CRCL and Tax no. 500 960 046